The long tentacles of coronavirus have touched every aspect of our lives, and especially so for the mortgage industry. It’s not clear where the housing market is going to end up, but right now things are busy.
For consumers, there’s the allure of rock-bottom interest rates, while many people are also facing new, stricter standards for loans. And others are apprehensive about making any moves, literally and figuratively, when the economy is so volatile.
It’s predicted that mortgage lending will reach a 14-year high in 2020. With the surge in refinances, you may find yourself busier than ever. So this is good news… right? We’ll take our silver linings where we can get them.
Amidst the hustle and all the uncertainty, you may be looking for ways to reassure clients, build business, set yourself apart, and work efficiently so you can handle what lies ahead. We’ve thrown together our best tips and ideas for mortgage marketing to help you navigate that new normal.
Behind every loan officer, there is a strategy
Keep these four things in mind as you polish your mortgage marketing strategies.
Buying a house is enough to make anyone anxious… combined with the stress and unknowns of the current world climate, you’ve got a recipe for, well… even more stress. Doing your best to be as real as possible (aka “human”) can make your clients feel a little better about navigating the mortgage market during what feels like the apocalypse.
Research shows that over 75% of people expect a business to understand their needs and situation. Show potential clients that you can empathize with their worries by simplifying the mortgage process as much as possible. Review your marketing materials and see where you can decode or simplify the language.
But what does being human mean in the context of marketing? You may be wondering, “Aren’t I already human?” Good question. Being human simply means, speaking plainly and communicating with clients in the same way they communicate with you. It means not sounding like a marketer or loan officer. For example, instead of focusing solely on numbers and low interest rates, translate that to what it means for the client. Maybe “Save X% on your monthly payment,” becomes, “Now you can put $X more in your savings account or toward a new car.”
Ideally, all of your communication —everything from the way your company messages itself to how loan officers speak with clients — should be presented in a way that’s accessible, compassionate and personable.
Leverage your visual content experience
Make sure you’re paying attention to your appearance, so to speak. Unfortunately, people do notice the inconsistencies that pop up across your website, social media and printed materials. A study from Salesforce noted that 75% of consumers have come to expect consistency from businesses and brands “with 73% likely to switch brands if they don’t get it. Customer loyalty — and attrition — is determined by every experience. Predictive, anticipatory service is increasingly the norm.”
With large brokerages like Rocket Mortgage becoming more familiar to consumers (and making the market all the more competitive), smaller operations need to throw some resources into branding and customer experience. Maintaining a consistent brand, in both design and voice, can reassure clients of your quality and trustworthiness, which helps your organization stand out in a crowd.
Evaluate where brand inconsistencies are stemming from. Do you need to update your brand style guide? Are brand assets easily available to everyone? Are brokers creating off-brand content? Consider solutions like design templates for brokers that have branded elements already in place. Empowering everyone at your organization to make their own, on-brand content can cut down on the noise and inconsistencies you’re seeing across marketing channels.
Get cozy with digital marketing
Putting together a solid digital marketing plan is key for generating new leads. And social media will offer the most bang for your buck.
We recommend building a solid content plan for LinkedIn — this is where you’ll find real estate agents, brokerages and builders that you can connect with to grow your business. Facebook can also be a great platform for reaching homebuyers — but LinkedIn is the best place to expand your circle and show other people in the industry what your business is about.
Social media is designed for building community, and it’s an ideal place to connect with new people. Taking small steps like reposting listings from agents you’d like in your network and commenting on content that’s interesting to you can help your business grow a healthy following.
Have you helped anyone land their dream home lately? Posting about client success stories makes for feel-good content that people like to see in their feed. Keep the content you post diverse and engaging with a smattering of home-buying tips, mortgage knowledge, property listings, industry news, and anything else that piques your interest.
Automate where you can
Staying on top of digital marketing is no small task — especially if you haven’t got a team to help. Automation could be your best friend, and luckily, there’s not much you can’t automate these days.
- Email — Emails can be easily automated, and it would be a great time to do, say, an email drip campaign about refinancing. Over the course of a few emails you could talk about the benefits of refinancing right now and what the process entails from start to finish. Look into a tool like Mailchimp, which is designed to help smaller businesses automate email campaigns and reach customers without doing much heavy lifting.
- Social media — You can also set up your social media posts to be automated by a tool like Buffer. Automation platforms like this will post content for you based on a schedule you set, and they even have tools that analyze how your content is performing. Good analytics can be helpful if you feel like you’re not getting enough engagement or want to tweak your social strategy.
- Content creation — Certain design platforms (like Lucidpress ?) also offer data automation, which can be invaluable for customized marketing campaigns. Data automation lets you connect to spreadsheets or even your MLS — then you can quickly upload a bunch of information to marketing materials as needed. This is an easy way to create custom collateral for your clients that won’t cost you any extra time or energy.
Take a look at your current marketing campaigns and see what you can automate. Automation will free up your time so you can focus on more pressing things or even brainstorming your next big marketing venture.
However you decide to implement mortgage marketing ideas for the new normal, be sure that your strategies support any long-term goals you might have for your company. Conduct an audit of your existing business continuity plan to see where any of these ideas fit in. Alternatively, it couldn’t hurt to create a new business continuity plan if yours might be a bit outdated. And, if you want to do a deeper dive on how you can strengthen your brand, check out our free ebook on brand consistency and how it impacts your ROI.